Goldman Sachs Upgrades Bristol-Myers Squibb Co. (BMY) to Conviction Buy

September 11, 2012 7:06 AM EDT
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Price: $50.01 +1.58%

Rating Summary:
    10 Buy, 12 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Goldman Sachs upgraded Bristol-Myers Squibb Co. (NYSE: BMY) from Buy to Conviction Buy with a price target of $40.00 (from $38.00), citing the fastest growth in the sector beyond 2013.

The firm sees numerous catalysts over the next 12 months, "which should lead to increased investor confidence that BMY will be the fastest-growing drug company from 2013 until the end of the decade."

Goldman said the want to own the name "in front of the potential Eliquis launch later this year or early next, daclatasvir filing in Japan next year, and PD-1 data points in 2014."

The firm expects Bristol-Myers to grow 11% over the next five years versus 4% for its peers. This is in addition to the 4.1% dividend yield.

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $33.14 yesterday.

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